Talleyrand Apartments, a 300-unit multifamily community in Tarrytown, has been sold to an affiliate of The DSF Group of Waltham, Mass., for $91 million.
The new owner is Crescent Drive Owner LLC, an affiliate of The DSF Group. DSF already manages large housing complexes, including luxury apartments, in New Rochelle and White Plains.
Talleyrand’s location in Tarrytown benefits from an excellent school system and provides convenient access to Midtown Manhattan via the Metro-North Railroad, which gets commuters to Midtown in approximately 30 minutes. An additional benefit of the location is that Westchester County has experienced strong historical rental growth. Rents in the area have increased by more than 3 percent on average since 2009, as there is limited new supply in the region due to the high barriers of entry for new construction.
“We are pleased to have represented our client in the sale of Talleyrand Apartments. There was strong demand for the offering given the fantastic location in Tarrytown, which continues to be recognized as one of the hottest neighborhoods in Westchester with value add potential,” said Jeffrey Dunne, vice chairman at CBRE, which sold the apartments. “The DSF Group will do very well with the asset, as they have a great track record of creating value with similar opportunities. Purchasing the Talleyrand Apartments is a logical expansion of their current Westchester portfolio.”
Josh Solomon, President of DSF, said, “We are excited to further expand our presence within the metro New York market, and we look forward to bringing our amenity-rich Halstead brand to Tarrytown.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States.
With over $2.5 billion invested in real estate since 2000, offices in Boston and Washington D.C. and decades of deep-seated experience, The DSF Group strives to create unique, award-winning properties.
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